In a bold speech delivered to The Economic Club of New York on Thursday, former President Donald Trump unveiled his vision for revitalizing the U.S. economy if he is re-elected in 2024.

The address centered on substantial tax cuts for businesses down to 15% and a proposed government efficiency commission that would be headed by billionaire entrepreneur Elon Musk, as Fox News reports.

Trump began his speech by emphasizing his previous administration’s economic achievements, claiming that the policies he implemented led to a period of unprecedented growth.

He asserted that the current administration, led by President Joe Biden and Vice President Kamala Harris, had reversed many of those gains, resulting in inflation and economic decline. Trump specifically blamed Harris, criticizing her for what he described as detrimental economic policies.

Trump Blames Harris for Economic Downturn

Throughout his speech, Trump accused Harris of promoting economic measures that he believes are harmful to the country. He claimed that Harris’s policies would result in “communist price controls, wealth confiscation,” and other practices he views as dangerous. He further argued that Harris's approach had contributed to rising inflation and economic instability.

Trump stated that, if elected, his administration would focus on creating an environment conducive to growth. He described Harris as an advocate for massive tax hikes and what he called a “war on American energy,” which he argues has crippled the nation's economy. Trump's rhetoric painted a stark contrast between his vision for the country and what he sees as the failures of the current administration.

Musk to Lead Government Efficiency Commission

In a surprise announcement, Trump revealed that he plans to create a “government efficiency commission” to evaluate federal government operations and recommend reforms. According to Trump, Elon Musk has agreed to lead this commission, bringing his expertise from the private sector to streamline government functions.

Trump praised Musk for his business acumen, expressing confidence that Musk’s leadership could bring about significant improvements in how the government operates. The commission, Trump said, would conduct both financial and performance audits of various federal agencies to eliminate waste and improve efficiency.

Corporate Tax Cuts and Economic Policies

Central to Trump’s economic plan is a reduction in the corporate tax rate, specifically for businesses manufacturing products in the United States. He proposed cutting the rate from its current 21% to 15%, claiming that this would encourage domestic production and make the U.S. more competitive globally.

Trump also pledged to make the tax cuts enacted during his previous term permanent, including a commitment to eliminate taxes on tips. Additionally, he assured that Social Security benefits would remain untaxed under his administration, emphasizing that there are “so many ways of making money” without taking from retirees.

Energy Independence and Economic Growth

A key component of Trump’s plan is a renewed focus on energy independence. He vowed to declare a national emergency on his first day in office to drastically increase domestic energy supply. He criticized the Biden-Harris administration for their approach to energy policy, which he claimed had led to higher energy costs and weakened national security.

Trump promised that his energy policies would cut prices by half within a year, arguing that a robust energy sector is essential for economic recovery. He further noted that energy is critical for advancements in artificial intelligence (AI) and other technologies, which he believes could drive future economic growth.

Tackling Regulation and the National Debt

In addition to cutting taxes, Trump laid out plans to reduce regulations significantly. He reiterated his first-term pledge to cut ten old regulations for every new one enacted, a goal he said his administration had exceeded. This reduction in regulatory burdens, Trump claimed, would free up businesses to innovate and grow, contributing to a more robust economy.

Trump also touched on the issue of the national debt, committing to work on reducing it during his second term. He expressed confidence that his knowledge of Washington's inner workings would help him navigate the political landscape and implement the necessary reforms.

Restoring American Sovereignty

Throughout the speech, Trump emphasized the importance of restoring American sovereignty. He described his vision for a nation with secure borders, lower crime rates, and increased incomes for all citizens. Trump positioned himself as the candidate who would bring back the “American Dream” by focusing on low taxes, low regulations, and a robust economy.

In his closing remarks, Trump reiterated his commitment to rapid economic growth, promising that inflation would be defeated, and energy costs would drop under his leadership. He called on voters to reject what he described as the economic calamity of the current administration and embrace a future of prosperity and strength.

Conclusion

Trump’s address to The Economic Club of New York outlined an ambitious economic plan centered on tax cuts, energy independence, and government efficiency.

With Elon Musk tapped to lead a commission on streamlining the federal government, Trump presented himself as the candidate capable of restoring the U.S. economy.

His speech reflected a strong criticism of Vice President Kamala Harris’s policies and a promise to bring about a new era of growth and prosperity if elected in 2024.